Published on 12/7/2023 in the Prospect News Investment Grade Daily.
New Issue: Athene Holding prices $600 million 5.875% 10-year notes at Treasuries plus 200 bps
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Dec. 7 – Athene Holding Ltd. priced $600 million of 5.875% 10-year senior notes (Baa1/A-/BBB+) at 98.174 to yield 6.119% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at a 200 basis points spread over Treasuries. Price talk had the notes coming in the 225 bps area over Treasuries, according to a market source.
The bookrunners are Wells Fargo Securities, LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes, including capital contributions to Athene’s insurance subsidiaries to support company growth.
Hamilton, Bermuda-based Athene is a retirement services company that issues, reinsures and acquires retirement savings products.
| Issuer: | Athene Holding Ltd.
|
| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | Jan. 15, 2034
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
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| Co-managers: | Apollo Global Securities, LLC, Deutsche Bank Securities Inc. and Blaylock Van, LLC
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| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Sidley Austin LLP and Conyers Dill & Pearman Ltd.
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| Counsel to underwriters: | Fried, Frank, Harris, Shriver & Jacobson LLP
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| Coupon: | 5.875%
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| Price: | 98.174
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| Yield: | 6.119%
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| Spread: | Treasuries plus 200 bps
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| Call: | Make-whole call at Treasuries plus 30 bps until Oct. 15, 2033, then a par call
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| Trade date: | Dec. 7
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| Settlement date: | Dec. 12
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 225 bps area
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| Cusip: | 04686JAG6
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